Lee Development Group

What Lee Development Group does

Lee Development Group (LDG INC) is a family-owned real estate development and asset management company headquartered in Silver Spring, Maryland. The company traces its origins to 1920, when Brooke and Blair Lee and Harold Harvey began acquiring real estate in the region, and was consolidated under the Lee Development Group name in 1989. It operates as a privately held owner, operator, and developer of commercial real estate across multiple Maryland submarkets, with a workforce of 11 to 50 employees.

The company's portfolio spans four asset categories. Retail is anchored by Aspen Hill Northgate Plaza, a 220,154-square-foot multi-tenant center whose tenant mix includes Chase Bank, Kohl's, Walgreens, Rite Aid, Wells Fargo, Roy Rogers, Jersey Mike's, Papa John's, Taco Bell, Dunkin' Donuts, and Michaels. Office holdings include Lee Plaza, the Patrick Center in Frederick, and 13415 Connecticut Avenue in Silver Spring, with disclosed professional tenants United Therapeutics and NOAA. Warehouse and flex space consists of Twin Ridge Business Centers I and II, Kensington Warehouse, and Reisterstown Self Storage. The company is also the co-developer of Elizabeth Square, a public-private partnership delivering 267 senior housing units, a 133,000-square-foot recreation center, and a Senior Wellness Center in collaboration with the Housing Opportunities Commission of Montgomery County and Holy Cross Hospital.

Revenue is generated through four streams: commercial office leasing, retail property leasing, warehouse and flex space leasing, and public-private partnership development. The economic model combines recurring rental income from stabilized, leased assets with development fees, equity participation, and partnership economics from ground-up projects such as Elizabeth Square and the Fillmore Music Hall P3. The customer base is multi-segment, spanning credit-rated national retailers, regional consumer brands, quick-service restaurants, professional office tenants, and government/healthcare partners, with no single tenant disclosed as dominant across the portfolio.

Name

Lee Development Group

Legal name

Lee Development Group

Website

https://leedg.com

Company type

Private

Founded year

1920

Operating status

Operating

Headcount range

11–50 employees

Short description

Lee Development Group is a family-owned commercial real estate developer and asset manager based in Silver Spring, Maryland, operating retail, office, warehouse, and mixed-use properties across Maryland submarkets, including the Elizabeth Square public-private senior housing partnership with Montgomery County.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Development

NAICS

Lessors of Nonresidential Buildings (except Miniwarehouses) (531120), Real Estate Property Managers (53131), Lessors of Miniwarehouses and Self-Storage Units (53113)

SIC

Real Estate Operators (No Developers) & Lessors (6510), Operators Of Nonresidential Buildings (6512), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

Real Estate Development Asset Management (Project/Construction-to-Stabilization) (BPAJAMAL)

akta.pro secondary industry

Mixed-Use Property Management (BPAJAGAE)

Keywords

• Commercial real estate
• Property leasing
• Real estate development
• Asset management
• Mixed-use development

Headquarters

HQ city

Silver Spring

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Commercial Office Leasing: LDG develops, owns, and leases multi-tenant Class A office properties in Maryland. Revenue is generated through monthly rent payments from commercial tenants occupying office space at properties such as Lee Plaza, Patrick Center, and 13415 Connecticut Avenue. Leases are typically multi-year commercial arrangements with rent escalations.
2. Retail Property Leasing: The company derives revenue from anchoring and in-line retail tenants at shopping centers like Aspen Hill Northgate Plaza. Tenants include national chains (Kohl's, Chase Bank, Walgreens) and local businesses paying rent for retail space. This creates recurring base rent plus potentially percentage rent components.
3. Warehouse and Flex Space Leasing: LDG generates rental income from industrial, warehouse, and flex properties including Twin Ridge Business Centers, Kensington Warehouse, and Reisterstown Self Storage. Spaces range from small self-storage units to larger office/warehouse facilities leased to businesses.
4. Public-Private Partnership Development: LDG participates in public-private partnerships with government entities (Montgomery County, State of Maryland, Housing Opportunities Commission) for mixed-use developments. Revenue includes development fees and long-term asset ownership interests in projects like Elizabeth Square and the Fillmore Music Hall.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Lee Development Group develops, owns, and leases a diversified portfolio of commercial real estate assets in Maryland, including Class A office buildings, retail shopping centers, warehouse and flex industrial properties, self-storage facilities, and mixed-use developments. The company generates revenue through direct multi-year commercial leases to enterprise and small business tenants, and participates in public-private partnerships with state and county government entities for community-oriented projects including affordable senior housing and recreational facilities.

Product overview

Lee Development Group operates a diversified real estate portfolio across Maryland, consisting of commercial office properties (Lee Plaza, Patrick Center, 13415 Connecticut Avenue), retail properties (Aspen Hill Northgate Plaza), warehouse and flex properties (Twin Ridge Business Centers I & II, Kensington Warehouse, Reisterstown Self Storage), and a major mixed-use development in progress (Elizabeth Square Project in Silver Spring). The company functions as both property developer and asset manager, handling development, leasing, and marketing of these commercial real estate assets.

Differentiator

Problem solved

Functional benefit

Products and services

• Elizabeth Square Project A major mixed-use development project in downtown Silver Spring consisting of residential units and ground-level retail. The project includes the Elizabeth House replacement (267 units, 16-story senior housing), the South County Regional Recreation and Aquatic Center (133,000 sf), and a Senior Wellness Center operated by Holy Cross Hospital. Developed through public-private partnership with the Housing Opportunities Commission of Montgomery County.
• Lee Plaza Multi-tenanted Class A office building in downtown Silver Spring, MD at 8601 Georgia Avenue, two blocks from the Silver Spring Transit Center. Features garage parking, updated HVAC, elevators, and lighting, with amenities including conference rooms with A/V and high-speed internet. Houses the Lee Development Group headquarters.
• Patrick Center Multi-tenanted Class A office building at 30 West Patrick Street, Frederick, MD 21701, located across from the Frederick District Courthouse in historic downtown Frederick.
• 13415 Connecticut Avenue Professional office suites with 10,875 square feet of office space at 13415 Connecticut Avenue, Silver Spring, MD 20906, with a private parking lot.
• Aspen Hill Northgate Plaza 220,154 square foot neighborhood shopping center at 3901 Aspen Hill Road, Silver Spring, MD 20906, anchored by Kohl's, Rite Aid, Michaels and Roy Rogers with 24 additional retail stores including Chase Bank, Wells Fargo, Walgreens, Jersey Mike's, Papa John's, Taco Bell, and Dunkin' Donuts. Recently renovated with energy-efficient features including LED lighting and white roofs.
• Twin Ridge Industrial Center Light industrial land development in Mount Airy, MD with lots ranging from 1 to 5 acres for lease, located near I-70.
• Twin Ridge Business Center I 48,750 square feet of office/warehouse space located at 1302 Rising Ridge Road, Mount Airy, MD 21771, close to I-70.
• Twin Ridge Business Center II 28,184 square feet of office/warehouse space located at 1202 Rising Ridge Road, Mount Airy, MD 21771, with 18 ft ceiling and loading dock, close to I-70.
• Reisterstown Self Storage 71,275 square feet of rent-able self-storage facility at 11953 Reisterstown Road, Reisterstown, MD 21136, operated by Extra Space Storage.
• Kensington Warehouse 71,454 square feet of warehouse space at 11015 West Avenue, Kensington, MD 20895, located 0.5 mile from the University Avenue and Connecticut Avenue intersection.

Quantifiable outcome

• Delivered 267 units of senior affordable housing as part of Elizabeth Square project with HOC
• +2 more outcomes

Named customers15 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• Housing Opportunities Commission of Montgomery County (HOC)coreStrategic or Co-development Partner · 1 January 2017LDG and HOC are co-applicants for the Elizabeth Square mixed-use development in downtown Silver Spring. The partnership involves redevelopment of the Elizabeth House property with 267 units of senior affordable housing, a 133,000 sf public recreation facility, and a senior wellness center operated by Holy Cross Hospital.
• Holy Cross HospitalminorStrategic or Co-development Partner · 1 January 2017Holy Cross Hospital operates a 7,342 sf Senior Wellness Center within the Elizabeth Square project development. This partnership provides health and wellness services to senior residents in the affordable housing development.
• State of MarylandcoreStrategic or Co-development PartnerState of Maryland partnered with LDG and Montgomery County on public-private partnership projects including the Fillmore Music Hall development, which brought new entertainment and economic activity to downtown Silver Spring.
• Montgomery CountycoreStrategic or Co-development PartnerMontgomery County government partnered with LDG on multiple public-private development initiatives, including the Fillmore Music Hall and Elizabeth Square project with HOC. The county provides regulatory approvals, potential incentives, and co-development partnership for community benefit projects.

Scale indicators4 records

Recent moves7 records

Expansion highlights3 records

Direct peers

• Phillips Edison & Company: Public REIT focused on grocery-anchored neighborhood shopping centers with a national footprint. Comparable on community/neighborhood retail model and national-credit tenant leasing strategy.
• Brixmor Property Group: Public REIT owning and operating a national portfolio of open-air shopping centers anchored by national tenants (similar to Aspen Hill Northgate Plaza). Closely comparable on retail tenant base (Kohl's, Michaels) and neighborhood center strategy.
• Brandywine Realty Trust: Public office REIT with primary portfolio in Philadelphia, Austin, and other select markets, including Mid-Atlantic exposure. Comparable on Class A suburban/mid-rise office leasing (similar to Lee Plaza/Patrick Center).
• Kite Realty Group: Public REIT focused on open-air shopping centers with national-tenant anchors. Comparable on retail tenant base and mixed-size center strategy, though operates at institutional scale.
• Rexford Industrial Realty: Public industrial REIT concentrated in Southern California's infill industrial market. Comparable on warehouse/flex ownership (similar to Twin Ridge and Kensington Warehouse), though with very different geography and at much larger scale.
• Federal Realty Investment Trust: Public REIT headquartered in Rockville, MD, focused on mixed-use and open-air retail in coastal U.S. markets. Highly comparable to LDG in Mid-Atlantic geographic focus, mixed-use shopping center ownership, and long-duration portfolio strategy; differs in scale, public-market access, and grocery/community-center tilt.

Broad incumbents

• Cousins Properties: Public Sun Belt office REIT. Comparable on Class A office ownership and multi-tenant leasing model, though focused on high-growth Sun Belt markets rather than Mid-Atlantic suburban.
• National Retail Properties: Public net-lease retail REIT with national tenant base. Comparable on national retail credit-tenant strategy and long-duration lease economics, though structured as net-lease rather than multi-tenant.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lee Development Group